ORAL ORDER

(PER : HONOURABLE MR. JUSTICE BHARGAV D. KARIA)

1. This appeal is filed under Section 260A of the Income Tax Act, 1961 (for short “the Act” ) by the Appellant-Revenue proposing the following substantial questions of law arising out from the order dated 1 st April, 2024 passed by the Income Tax Appellate Tribunal (for short “ the Tribunal ”), Surat in ITA No.844/SRT/2023 for the Assessment Year 2013-14.

“(i) Whether on the facts and in the circumstance of the case and in law, the Hon'ble ITAT was justified in deleting the addition of sale proceeds of the share of Rs. 3,29,400/- on account of accommodation entry u/s 68 of the Act made by the Assessing Officer arising out of sale of shares off market through Jayant Securities & Finance Ltd, a shell company and without appreciating the findings of the Assessing Officer that the said company is engaged in providing accommodation entry ?

ii) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in allowing the appeal of the Assessee by holding that the transaction of shares was genuine, simply placing reliance upon the decision of Hon'ble High Court in the case of Himani M Vakil [2